Notes to Accounts of North Eastern Carrying Corporation Ltd.

Mar 31, 2016

1. The Company has paid fixed monthly remuneration to the directors in accordance with the provisions of section 196, 197, 203 and other applicable provisions of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with the Schedule V of the Companies Act 2013.

2. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the company Rs 2,50,32,316/-.

(b) For claims/shortage not ascertained nor settled during the year. Claims lodged by customers but not settled by the company Rs 98,96,154/-.

(c) Approximate Liability on account of major cases filed against the company in various courts aggregating to Rs 1,25,63,305/-

3. Sundry Debtors include freight receivable against GRs issued during the year.

4. Tax Deducted at Source (A.Y. 2016-2017) is not final as more TDS Certificates might be received by the company in future.

5. There is nothing to be disclosed under AS 17 - Segment Reporting since there is no business segment or geographical segment which is a reportable segment based on the definitions contained in the accounting standard.

6. Deferred Tax has been created as per AS-22 issued by Institute of Chartered Accountants of India.

7. The debit and credit balances standing in the name of parties are subject to confirmation from them.

8. The company has not received any intimation from "suppliers" regarding their status under Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said Act have not been furnished.

9. In the opinion of the Board of Directors, the current assets, loans & advances are fully realizable at the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate in the opinion of board.

10. Being a service company quantitative information/clause are not applicable.

11. Payment to Auditors Amt. In Rs.

Audit Fee Rs.1,50,000/- (Previous Year Rs.1,15,000/-)

12. Previous year figures have been regrouped/ reclassified wherever necessary.

Mar 31, 2015

1. Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of
Rs 10 per share. Each holder of equity shares is entitled to one vote
per share.

3. The Company has been advised that the computation of net profits for
the purpose of directors remuneration under section 349 of the
Companies Act, 1956 need not be enumerated since no commission has been
paid to the directors. Fixed monthly remuneration has been paid to the
directors within the''limits laid down under Schedule - XIII to the
Companies Act, 1956 and as per Companies Act, 2013

4. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the
company Rs

1,74,77,447/-.

(b) For claims/shortage not ascertained nor settled during the year.
Claims lodged by customers but not settled by the company Rs
1,10,89,335/-.

(c) Approximate Liability on account of major cases filed against the
company in various courts aggregating to Rs 1,12,87,046/-

5. Sundry Debtors include freight receivable against GRs issued during
the year.

6. Tax Deducted at Source (A.Y. 2015-2016) is not final as more TDS
Certificates might be received by the company in future.

7. There is nothing to be disclosed under AS 17 - Segment Reporting
since there is no business segment or geographical segment which is a
reportable segment based on the definitions contained in the accounting
standard.

8. The debit and credit balances standing in the name of parties are
subject to confirmation from them.

9. The company has not received any intimation from "suppliers"
regarding their status under Micro Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been furnished.

10. In the opinion of the Board of Directors, the current assets, loans
& advances are fully realizable at the value stated, if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate in the opinion of board.

11. Being a service company quantitative information/clause are not
applicable.

12. Payment to Auditors Amt. In Rs.

Audit Fee Rs.1,15,000/- (Previous Year Rs.81,000/-)

13. Previous year figures have been regrouped/ reclassified wherever
necessary.

Mar 31, 2013

1, Corporate information

North Eastern Carrying Corporation Limited is a Limited Company
incorporated under the provisions of the Companies Act, 1956. The
company is engaged in the business of transportation.

2, Basis of preparation

* The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP).

* The company has prepared these financial statements to comply in ail
material respects with the accounting standards notified under the
Companies (Accounting Standards) Rules, 2006, (as amended) and the
relevant provisions of the Companies Act, 1956. '' ''

* The company follows the Mercantile System of Accounting recognizing
income and Expenditure on accrual basis.

The directors have certified that there are no outstanding expenses
not provided for and nor there are income which have fallen due but not
accounted for. The accounts are prepared on historical cost basis and
as a going concern.

* The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.

u List of related parties being associates having significant influence
or control.

a. W. Â£, C.C, Logistics Limited v

b. N. E. C. C. Securities Private Limited

c. N. E. C. C. Financial Services Private Limited.

d. N. E. C. C. Automobiles Private, Limited.

e. Shreyans Buildwell Private Limited

f. Shr#yans Buildtech Private Limited

g. Shreyans Logistics Private Limited

h. Indika Agro Products Private Limited

i. Jaswant Rai Jain & Sons (HUF) j. Sunil Kumar Jain & Sons {HUF)

j Key Management Personnel and their relatives

a. Mr. Jaswant Rai Jain

b. Mr. Sunil Kumar Jain

c. Mrs. Vanya Jain

d. Mr. Utkarsh Jain

3. The Company has been advised that the computation of net profits
for the purpose of directors remuneration under section 349 of the
Companies Act, 1956 need not be - enumerated since no commission has
been paid to the directors. Fixed monthly remuneration has been paid to
the directors within the limits laid down under Schedule - XIIf to the
Companies Act, 1956.

(a) In Respect of Bank Guarantees issued by the bank on behalf of the
company Rs 1,45,76,559/-.

(b) For claims/shortage not ascertained nor settled during the year.
Claims lodged by customers but not settled by the company Rs
44,07,456/-,

(c) Approximate Liability on account of major cases filed against the
company in various courts aggregating to Rs 1,31,26,733/- 27. Sundry
Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A.Y, 2013-2014) is not final as more TDS
Certificates might be received by the company in future. ''

7. There is nothing to be disclosed under AS 17 - Segment Reporting
since there is no business segment or geographical segment which is a
reportable segment based on the definitions contained in the accounting
standard.

8. The debit and credit balances standing in the name of parties are
subject to confirmation from them.

9. The company has not received any intimation from "suppliers"
regarding their status under Micro Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the yearend together with interest paid/payable
as required under the said Act have not been furnished.

10. In the opinion of the Board of Directors, the current assets,
loans & advances are fully realizable at the value stated, if realized
in the ordinary course of business. The provisions for all known
liabilities are adequate in the opinion of board.

11. Being a service company quantitative information/clause are not
applicable.

12. Previous year figures have been regrouped/ reclassified wherever
necessary.

Mar 31, 2012

1 Corporate information

North Eastern Carrying Corporation Limited is a Limited Company
incorporated under the provisions of the Companies Act, 1956. The
company is engaged in the business of transportation.

2. Basis of preparation

- The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP).

- The company has prepared these financial statements to comply in all
material respects with the accounting standards notified under the
Companies (Accounting Standards) Rules, 2006, (as amended) and the
relevant provisions of the Companies Act, 1956.

- The company follows the Mercantile System of Accounting recognizing
Income and Expenditure on accrual basis.

- The directors have certified that there are no outstanding expenses
not provided for and nor there are income which have fallen due but not
accounted for. The accounts are prepared on historical cost basis and
as a going concern.

- The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.

Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of
Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share.

Aggregate number of bonus shares issued, shares issued for
consideration other than cash during the period and during five years
immediately preceding the reporting date

The Company has not issued any bonus shares during the year

3. Contingent Liability not provided for:

(a) In Respect of Bank Guarantees issued by the bank on behalf of the
company Rs. 1,82,92,265/-.

(b) For claims/shortage not ascertained nor settled during the year.
Claims lodged by customers but not settled by the company Rs.
38,75,868/-.

(c) Approximate Liability on account of major cases filed against the
company in various courts aggregating to Rs. 1,20,77,748/-

4. Sundry Debtors include freight receivable against GRs issued during
the year.

5. Tax Deducted at Source (A.Y. 2012-2013) is not final as more TDS
Certificates might be received by the company in future.

6. There is nothing to be disclosed under AS 17 - Segment Reporting
since there is no business segment or geographical segment which is a
reportable segment based on the definitions contained in the accounting
standard.

7. The debit and credit balances standing in the name of parties are
subject to confirmation from them.

8. The company has not received any intimation from "suppliers"
regarding their status under Micro Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been furnished.

9. In the opinion of the Board of Directors, the current assets,
loans & advances are fully realizable at the value stated, if realized
in the ordinary course of business. The provisions for all known
liabilities are adequate in the opinion of board.

10. Being a service company quantitative information/clause are not
applicable.

12. Previous year figures have been regrouped/reclassified wherever
necessary.

13. Naye Paise have been ignored.

14. Additional Information pursuant to provision of circular no. GSR
388(E) dated 15.05.95 of Department of Company Affairs is enclosed.

Mar 31, 2011

1. In the opinion of the Board of Directors, the current assets, loans
& advances are fully realizable at the value stated, if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate in the opinion of board.

2. Being a service company quantitative information/clause are not
applicable.

3. The Company has been advised that the computation of net profits for
the purpose of directors remuneration under section 349 of the
Companies Act, 1956 need not be enumerated since no commission has been
paid to the directors. Fixed monthly remuneration has been paid to the
directors within the limits laid down under Schedule -XIII to the
Companies Act, 1956.

(a) In Respect of Bank Guarantees issued by the bank on behalf of the
company Rs.3,76,97,899/-.

(b) For claims/shortage not ascertained or settled nor lodged during
the year. Claims lodged by customers but not settled by the company Rs.
19,07,815/-.

(c) Approximate Liability on account of major cases filed against the
company in various courts aggregating to Rs. 1,78,50,671/-

7. Sundry Debtors include freight receivable against GRs issued during
the year.

8. Tax Deducted at Source (A.Y. 2011-2012) is not final as more TDS
Certificates might be received by the company in future.

9. Out of paid up capital of the company, 999904 Equity Shares of
Rs.10/- each fully paid have been allotted for a consideration
otherwise than in cash pursuant to a scheme of amalgamation on
04.03.1999 as approved by Hon''ble High Court at New Delhi and 5424730
Equity Shares of Rs.10A each fully paid have been allotted for
consideration otherwise than in cash pursuant to succession agreement
dated 01.04.2000 and further 5125000 Equity Shares of Rs.10/- each
fully paid have been allotted for a consideration otherwise than in
cash pursuant to a scheme of amalgamation on 19.03.2002 as approved by
Hon''ble High Court at New Delhi.

10. Related Party Disclosures:

During the year, the company entered into transactions with related
parties. Those transactions are listed below:

a List of related parties being associates having significant influence
or control.

11. There is nothing to be disclosed under AS 17 - Segment Reporting
since there is no business segment or geographical segment which is a
reportable segment based on the definitions contained in the accounting
standard.

12. The debit and credit balances standing in the name of parties are
subject to confirmation from them.

13. The company has not received any intimation from "suppliers"
regarding their status under Micro Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been furnished.

14. Previous year figures have been regrouped/ reclassified wherever
necessary.

15. Naye Paise have been ignored.

16. Schedule 1 to 14 are an integral forming part of Balance Sheet as
on 31.03.2011.

17. Additional Information pursuant to provision of circular no. GSR
388(E) dated 15.05.95 of Department of Company Affairs is enclosed.

Mar 31, 2010

1. In the opinion of the Board of Directors, the current assets, loans
& advances are fully realizable at the value stated, if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate in the opinion of board.

2. Being a service company quantitative information/clause are not
applicable.

3. The Company has been advised that the computation of net profits
for the purpose of directors remuneration under section 349 of the
Companies Act, 1956 need not be enumerated since no commission has been
paid to the directors. Fixed monthly remuneration has been paid to the
directors within the limits laid down under Schedule ÂXIII to the
Companies Act, 1956.

(a) In Respect of Bank Guarantees issued by the bank on behalf of the
company Rs.2,27,74,700/-.

(b) For claims/shortage not ascertained or settled during the year.
Claims lodged by customers but not settled by the company
Rs.8,89,322/-.

(c) Approximate Liability on account of major cases filed against the
company in various courts aggregating to Rs.2,07,77,366/- 9. Sundry
Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A.Y. 2010-2011) is not final as more TDS
Certificates might be received by the company in future.

7. Out of paid up capital of the company, 999904 Equity Shares of
Rs.10/- each fully paid have been allotted for a consideration
otherwise than in cash pursuant to a scheme of amalgamation on
04.03.1999 as approved by Honble High Court at New Delhi and 5424730
Equity Shares of Rs.10/- each fully paid have been allotted for
consideration otherwise than in cash pursuant to succession agreement
dated 01.04.2000 and further 5125000 Equity Shares of Rs.10/- each
fully paid have been allotted for a consideration otherwise than in
cash pursuant to a scheme of amalgamation on 19.03.2002 as approved by
Honble High Court at New Delhi.

8. Related Party Disclosures:

During the year, the company entered into transactions with related
parties. Those transactions are listed below:

- List of related parties being associates having significant
influence or control.

9. There is nothing to be disclosed under AS 17 Â Segment Reporting
since there is no business segment or geographical segment which is a
reportable segment based on the definitions contained in the accounting
standard.

10. The debit and credit balances standing in the name of parties are
subject to confirmation from them.

11. The company has not received any intimation from"suppliers"
regarding their status under Micro Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been furnished.

12. Previous year figures have been regrouped/ reclassified wherever
necessary.

13. Naye Paise have been ignored.

14. Schedule 1 to 14 are an integral forming part of Balance Sheet as
on 31.03.2010.

15. Additional Information pursuant to provision of circular no. GSR
388(E) dated 15.05.95 of Department of Company Affairs is enclosed.

Mar 31, 2009

1. In the opinion of the Board of Directors, the current assets, loans
& advances are fully realizable at the value stated, if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate in the opinion of board.

2. Being a service company quantitative information/clause are not
applicable.

3. The Company has been advised that the computation of net profits
for the purpose of directors remuneration under section 349 of the
Companies Act, 1956 need not be enumerated since no commission has been
paid to the directors. Fixed monthly remuneration has been paid to the
directors within the limits laid down under Schedule ÂXIII to the
Companies Act, 1956.

(a) In Respect of Bank Guarantees issued by the bank on behalf of the
company Rs.4,07,08,200/-.

(b) For claims/shortage not ascertained or settled during the year.
Claims lodged by customers but not settled by the company
Rs.15,62,477.00.

(c) Approximate Liability on account of major cases filed against the
company in various courts aggregating to Rs.1,08,51,153/- 9. Sundry
Debtors include freight receivable against GRs issued during the year.

6. Tax Deducted at Source (A. Y. 2009-10) is not final as more TDS
Certificates might be received by the company in future.

7. Out of paid up capital of the company, 999904 Equity Shares of
Rs.10/- each fully paid have been allotted for a consideration
otherwise than in cash pursuant to a scheme of amalgamation on
04.03.1999 as approved by Hon''ble High Court at New Delhi and 5424730
Equity Shares of Rs.10/- each fully paid have been allotted for
consideration otherwise than in cash pursuant to succession agreement
dated 01.04.2000 and further 5125000 Equity Shares of Rs.10/- each
fully paid have been allotted for a consideration otherwise than in
cash pursuant to a scheme of amalgamation on 19.03.2003 as approved by
Hon''ble High Court at New Delhi.

8. Related Party Disclosures:

During the year, the company entered into transactions with related
parties. Those transactions are listed below:

- List of related parties being associates having significant
influence or control.

a. N. E. C. C. Logistics

b. N. E. C. C. Securities Private Limited

c. N. E. C. C. Financial Services Pvt. Ltd.

d. N. E. C. C. Automobiles Pvt. Ltd.

e. Shreyans Buildwell Private Limited

f. Bhikshu Enterprises Private Limited

g. Kailash Chand Jain (HUF) h. Praveen Kumar Jain (HUF)

i. Jaswant Rai Jain & Sons (HUF)

9. There is nothing to be disclosed under AS 17 Â Segment Reporting
since there is no business segment or geographical segment which is a
reportable segment based on the definitions contained in the
accounting standard.

10. The debit and credit balances standing in the name of parties are
subject to confirmation from them.

11. The company has not received any intimation from "suppliers"
regarding their status under Micro Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been furnished.

12. Previous year figures have been regrouped/ reclassified wherever
necessary.

13. Naye Paise have been ignored.

14. Schedule 1 to 14 are an integral forming part of Balance Sheet as
on 31.03.2009.

15. Additional Information pursuant to provision of circular no. GSR
388(E) dated 15.05.95 of Department of Company Affairs is enclosed.